theScore Points to COVID-19 As Cause For Q4 Financial Results

• Score Media and Gaming has announced its financial results for the 2020 fiscal year.
• The company has experienced drops in total revenue and increases in EBITDA loss mainly due to COVID-19 related disruptions to sports.
• The company has seen good numbers as Q1 starts and hopes to continue that success.

ATLANTIC CITY, N.J. – With the financial results for Q4 and the fiscal year ended August 31, 2020, being released by Score Media and Gaming, it is evident that the coronavirus pandemic has had huge effects on the company.

Score Media and Gaming, like other gaming companies, came into 2020 with high expectations, and with the disruption to the sports calendar and decrease in the opportunity to engage in live sports, there was an anticipated revenue decline for this year’s results.

The total F2020 Q4 revenue was a reported $2.5 million from the $6.4 million in 2019. For the 12 months ended August 31, 2020, total revenue was $20.7 million and that was down from the $31.1 million last year.

“Fiscal 2020 began with the momentous launch of our gaming operations, with theScore Bet debuting in New Jersey,” said John Levy, CEO, and Founder of Score Media and Gaming. “We were seeing great early momentum when, along with the rest of the industry, we had to adjust to the global disruption to sports brought on by the COVID-19 pandemic. “Notwithstanding these challenges, we successfully navigated this period by keeping our team at full strength, preserving the vast majority of our user base, and diligently preparing for the return of sports, culminating in the successful multi-state launch of theScore Bet into both Colorado and Indiana last month.”

The EBITDA loss in Q4 grew to $8.3 million from a loss of $4.1 million in 2019 while the 12 months ended August 31, 2020, has experienced a $30.5 million loss compared to a loss of only $6.5 million in 2019.

The company blamed the coronavirus-related impacts on legal sports betting revenue and extra expenses incurred because of the expansion of gaming operators for the increase of EBITDA loss.

Now that sports have returned to action the gaming and media operations of the company have begun to thrive again. Since the start of Q1 F2021, theScoreBet’s September gaming handle is up 500% year-over-year.

“We are in a strong position to build on this momentum throughout F2021, further leveraging the power of media and gaming, bringing theScore Bet to more states, and exploring opportunities to add to our existing market access footprint,” said Levy.

The company also brought in an average of three million active monthly theScore app users in Q4 F2020 even with the pandemic effects which gives hope for the company to increase in sports betting revenue during the next fiscal year.

News tags: Coronavirus | COVID-19 | John Levy | Score Media and Gaming | theScoreBet